Frequently asked questions relating to Great Shelford leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Great Shelford. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Great Shelford - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
There are only 68 years remaining on my lease in Great Shelford. I need to extend my lease but my freeholder is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the lessor. In some cases a specialist would be helpful to conduct investigations and prepare an expert document which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court overseeing Great Shelford.
Planning to complete next month on a basement flat in Great Shelford. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Great Shelford should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Great Shelford. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Great Shelford are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Great Shelford in which case you should be shopping around for a Great Shelford conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.
What are your top tips when it comes to choosing a Great Shelford conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Great Shelford conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Great Shelford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- What volume of lease extensions has the firm conducted in Great Shelford in the last year?
I am the registered owner of a ground floor flat in Great Shelford, conveyancing formalities finalised in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Great Shelford with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease terminates on 21st October 2100
With just 75 years unexpired the likely cost is going to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
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